Another day, another dollar (or pound in the UK)!

01 March 2017

As a business owner, every day usually has its challenges, from the day to day running of operation, to maintaining profitability in line with the values you maintain, to looking at the bigger picture of the trading year end, or ends, ahead.

2016 saw significant change 'opportunities', with other challenges, such as the planned change in Business Rates outside London focussing many owner/ director minds on cost control. Another is the roll out and cost of auto-enrolment / workplace pensions being felt by the smallest (but most numerous) SMEs this year, and with phase 2 increases scheduled for 2018, careful business financial planning is in order. Indeed, looking further ahead we have additional (phase 3) pension increases in April 2019, and more on this can be found here:

http://www.thepensionsregulator.gov.uk/employers/contributions-funding.aspx

Staying dynamic is vital to ensure that your business thrives as the changes feed out into the UK business world. And the biggest asset that most companies and partnerships have is their people. Without them believing in 'the product' (tangible or otherwise) that is your business, you might find that the headwinds of change are far harder to navigate than they need be.

What can be done? Some corporate change is mandatory, such as compliance with auto-enrolment legislation at your Staging Date and re-complying every three years from outset. We offer services that can help with both issues.

But what about going the extra mile, as I am sure you will ask your staff to do? Low cost Death-in-Service schemes can be established if there are (usually) 10 staff or more to provide your employees with valuable protection. We have found such additions to be highly attractive to employers in providing cost effective benefits to their existing staff, and also in attracting high calibre recruits in any process of expansion. These plans are paid for by the employer and are not a benefit in kind to the employee and add real value to an employment contract/offer.

Private Medical Insurance (PMI) is also another addition that employers find attractive in creating an overall benefits package. These plans are also paid for by the employer, but are a benefit in kind to the employee. This type of plan can be available to all staff, or can be focussed, as an example, on senior staff. Most schemes we have provided advice on are tailored in some fashion to meet the employer's needs, adding value to each individual business.

These are just examples of what could be achieved in these changing times, going the extra distance to ensure that 'another day' probably does mean 'another dollar'....or a lot more pounds as the team furthers your cause.

No individual advice has been provided during the course of this blog.

Keith Churchouse FPFS

Director

CFP Chartered FCSI

Chartered Financial Planner

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.